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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities    
Net loss $ (21,598) $ (35,712)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 419 344
Amortization of premium/discount on investments (60) (274)
Non-cash interest expense 192 99
Stock-based compensation expense 3,191 2,261
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 272 (4,492)
Right-of-use asset 458 699
Accounts payable and accrued liabilities (1,276) 5,596
Deferred revenue 57,058 2,069
Lease liabilities 777 (265)
Net cash provided by (used in) operating activities 39,433 (29,675)
Investing activities    
Purchases of property and equipment (314) (335)
Purchase of short-term investments (4,967) (54,306)
Maturities of short-term investments 29,311 65,625
Proceeds from the sale of short-term investments 0 1,391
Net cash provided by investing activities 24,030 12,375
Financing activities    
Proceeds from borrowings, net of issuance costs 5,000 1,977
Proceeds from sale of common stock and warrants, net of offering costs 56,271 23,598
Repayment of debt 0 (1,333)
Proceeds from exercise of stock options 121 13
Net cash provided by financing activities 61,392 24,255
Effect of exchange rate on cash, cash equivalents and restricted cash (35) (17)
Net increase in cash and cash equivalents and restricted cash 124,820 6,938
Cash and cash equivalents and restricted cash, beginning of period 16,509 10,843
Cash and cash equivalents and restricted cash, end of period 141,329 17,781
Supplemental Information    
Discount in connection with issuance of debt 335 0
Cash paid for interest 345 97
Recognition of right-of-use asset $ 0 $ 11,667